EURUSD Daily Chart

Chart Created Using FXCM Marketscope 2.0
Technical Outlook
- Initial objective cited in last week’s report has now been achieved at 1.3113
- Today’s breach puts our secondary objective in view at 1.3227 (50% retracement)
- So far- today’s advance is the largest since January 10th (onset of the Jan advance)
- Note that daily RSI now looks to breach above 60-threshold (bullish if achieved on close basis)
- Only break below 1.3113 invalidates near-term bias- Break below 1.3035 offers further conviction on shorts
- Breach above key resistance at 1.3227 eyes objectives at 1.33 and 1.3340

Scalp Notes: Bottom Line: 1.3227 is Paramount- Topside break on a close basis risks further advances into our resistance targets. The RSI signature since the Sunday open has turned bullish with only a break below 40-threshold suggesting that the recent rally may have run its course. Watch for contentious price action as we head into the 1.3217-1.3226 range – 1.3226 representing the 50% retracement of the decline off the February highs.
*We will remain flexible with our bias with a break back below 1.3113 eyeing subsequent support targets. It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases. Use this app to distinguish the various trade sessions.
Key Threshold Grid
Entry/Exit Targets |
Timeframe |
Level |
Significance |
Bearish Invalidation |
30min / Daily |
1.3217 / 1.3226 |
50% Ext / 50% Retrace |
Break Target 1 |
30min |
1.3263 |
61.8% Fib Ext |
Break Target 2 |
Daily |
1.3300 |
Big Figure |
Break Target 3 |
30min |
1.3320 |
76.4% Fib Ext |
Break Target 4 |
Daily |
1.3340 |
61.8% Fib Retracement |
Break Target 5 |
30min |
1.3370 |
Soft Resistance / Pivot |
Break Target 6 |
30min |
1.3410 |
100% Fib Ext |
Support Target 1 |
30min |
1.3170 |
38.2% Fib Ext |
Support Target 2 |
30min |
1.3140 |
Soft Support / Pivot |
Bullish Invalidation |
Daily/30min |
1.3113 |
38.2% Retrce/23.6% Ext |
Break Target 1 |
Daily |
1.3060 / 1.3070 |
61.8% & 38.2% Retrace |
Break Target 2 |
30min |
1.3035 |
Pivot / 50% Ext |
Break Target 3 |
30min |
1.3000 |
Big Figure |
Break Target 4 |
30min |
1.2970 |
61.8% Fib Ext |
Break Target 5 |
30min |
1.2935 |
Soft Support / Pivot |
Daily |
101 |
Profit Targets 23-25pips |
|
For updates on this scalp and more setups attend Michael’s Scalp Webinars or follow him on Twitter @MBForex
Reviews today’s Scalp Webinar for further insights and current trade setups
---Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)
Introduction to Scalping Strategies Webinar
Beginner Fibonacci Expo Presentation